NI Act: Whether Section 143A Has Retrospective Application: SC Reserves Judgment

The Supreme in the future might give a definitive answer to the question as to whether Section 143A of the NI Act has Retrospective Application or not.

A division bench consisting of Justice Uday Umesh Lalit and Justice Vineet Saran concluded the hearing of a Special Leave Petition against a High Court order on the issue of Section 143A Act. The bench has reserved the same for judgement.

The Fast Track Court -II, Metropolitan , Chennai had earlier directed the accused to pay the 20% of the cheques amount as interim compensation payable to the de-facto complainant. The issue of retrospection under Section 143A NI Act is not seen addressed in the High Court order that upheld the Magistrate’s . However, the High Court upheld the order by modifying interim compensation to 15% of each cheque amounts to the complainant.

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